Eurex US Files Antitrust Complaint...
Nandapurkar: We welcome the chance to argue our case in Chicago
Mar 31 2005
The fully-electronic futures and options exchange Eurex US has filed its second amended antitrust complaint against the Chicago Board of Trade (CBOT) and Chicago Mercantile Exchange (CME). The amended complaint was filed with the U.S. District Court for the Northern District of Illinois. Eurex US had filed an antitrust action against the two exchanges on October 14, 2003 for repeated anticompetitive behavior and unlawful attempts to block the entrance of a new competitor to the market.
"Given the continuous anticompetitive conduct of CME and CBOT we feel stronger than ever about this case and intend on pursuing it vigorously," said Satish Nandapurkar, CEO of Eurex US. "We welcome the chance to argue the case in Chicago and we continue to believe that both the CBOT and CME have acted in an anticompetitive manner."
The complaint includes allegations that the CBOT and the CME violated the Sherman Act by lowering transaction fees to predatory levels, attempting to keep Eurex from obtaining clearing services, making material misrepresentations to members of Congress and the Commodity Futures Trading Commission and attempting to block the National Futures Association (NFA) from providing regulatory oversight functions to Eurex US.